Intel Corp. shares climbed during late and afterhours trade yesterday, after the largest chip manufacturer in the world said in a briefing that its new chip will be in mobile devices on shelves by years end holidays.
The Santa Clara-based company also provided some information about its latest manufacturing technology advances, which has been delayed by more than half a year because of technical issues.
Rani Borkar, Vice President and General Manager of product development, said the new chip, called Intel Core M, is targeted for mobile devices as thin as 9 millimeters or less, which require no cooling fan. The chip is said to provide seven times the performance of its last generation peers, and at twice their speed.
The move is the latest step By Intel in its bid to secure a larger mobile devices market for its chips. Brian Krzanich, CEO, has set a target of 40 million tablets using the companys chips this year and has said it is on target to meet that goal.
The company said it will gradually introduce the same technology for desktop computers and other devices later one, with more details to be disclosed at the companys annual conference in September.
Intel Corp. was 1.29% up to close at 33.02 dollars per share yesterday, marking a one-year change of +46.69% and valuing the company at $163.48bn. According to CNN Money, 37 analysts offering 12-month price forecasts for Intel Corp. have a median target of $34.00, with a high estimate of $50.00 and a low estimate of $17.00. The median estimate represents a +2.97% increase from the last price of $33.02.
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